I told my friend he doesn’t necessarily need to hire someone (he has a guy) but there are no short cuts in doing it yourself; you need to put the time in. For most people doing it themselves is simply a function of time available and inclination. He is smart enough but simply prefers not to spend that amount of time on it and has the self-awareness to realize that if he doesn’t want to spend the time then he needs to hire someone who will. He wants to know what is going on but wants to delegate the heavy lifting.
The friend hoping to retire at 50 is in part influenced by his father who retired very young which amuses me as part of my belief of never retiring is influenced by my father who will be 88 next month and still works (he does not draw an income is a full time volunteer along the lines of how I volunteer with our fire department).
The point of this post is to try to create some context for disparate views that exist regarding financial matters even with people that otherwise have a lot in common. A financial professional can’t tell a client their beliefs are wrong, only point out what things might be in their favor and what obstacles they might incur. As an individual with some influence, your belief system is no more or less valid than anyone coming to you for advice, just different. A great example of this difference might surface in the desire to leave an inheritance. For some people it is a very high priority and some folks, like the musician Sting, don’t believe in leaving (meaningful) money to their children.
It is also important to realize that what you think you want in the future might change substantially, be open to that possibility and try to factor that into your plan if at all possible.
This article was written by AdvisorShares ETF Strategist Roger Nusbaum.